Recency effects and participation at the extensive and intensive margins in the U.S. Federal Crop Insurance Program

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      <subfield code="a">Che, Yuyuan </subfield>
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      <subfield code="a">Recency effects and participation at the extensive and intensive margins in the U.S. Federal Crop Insurance Program</subfield>
      <subfield code="c">Yuyuan Che, Hongli Feng, David A. Hennessy</subfield>
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      <subfield code="a">Participation in the U.S. Federal Crop Insurance Program (FCIP) has increased over time at both extensive (insured acres) and intensive (coverage level) margins, but there are clear spatio-temporal variations in these trends. Farmers' decisions are likely influenced by recent indemnity or weather experiences (i.e., recency effects). We develop a model to identify two channels through which recent adverse weather experiences may affect participation, one where the weather shocks directly affect participation and the other where they affect participation through indemnity payouts. With historic FCIP data over the period 20012017, we use parametric and non-parametric methods to estimate these effects. At both extensive and intensive margins, higher past indemnities are found to encourage participation. This provides evidence that prior adverse weather shocks work indirectly. Less evidence is found in favour of direct weather effects. We also find that the increase in participation due to indemnities peaks in the year following a loss.</subfield>
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      <subfield code="t">Geneva papers on risk and insurance : issues and practice</subfield>
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      <subfield code="g">01/01/2020 Volumen 45 Número 1 - enero 2020 , p. 52-85</subfield>
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